The post Bitcoin Price Live Today: Is BTC Preparing for the Next Massive Run appeared first on Coinpedia Fintech News
Bitcoin price after the recent rebound from the lows appears to be following a calculated approach as the upswing is more or less consistent. The price after the recent upswing marked the yearly highs above $30,500 within minutes. Presently, the price just began a consolidation phase, which is expected to prevail until the US CPI rates are announced.
It has to be noticed that the upswing was triggered with a minimal volume, which is pretty diverse compared to the previous jump that raised the levels from $20,000 to $27,000 in March. Therefore, it can be said that the bears may be acknowledging the price rise and may remain silent until the BTC price marks $32,000 too. post to which the bearish action is believed to gear up.
In such a case, here are the crucial levels that need to be closely watched to catch up with the change in the trend.
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Bitcoin price is currently rising, but the possibility of one last crash also looms that may drag the price heavily below $20,000. This may wipe out the leverage traders, and huge amounts of liquidity and stop losses will be gained. However, in its corrective wave, the BTC price could hit $30,000 to $39,000 in the long run.
Meanwhile, in the short term, the price may remain largely correlated and keep trading in and out of $30,000 as it did previously at $27,000 and $28,000. If the price breaks down the crucial support at $28,800, then the bearish trend may begin.
Until the price trades above these levels, it may be considered a short-term reversal that may bounce with an influx of significant liquidity. However, upon achieving the interim resistance at $30,713, the possibility of maintaining a fine upswing emerges.
Also Read: Is This The Start of Bitcoin Bull Run? CryptoQuant Predicts BTC Price For 2024